Saudi’s SABIC to combine agricultural investments under new unit

      Published on Sunday, 4 November , 2018      161 Views     
Saudi’s SABIC to combine agricultural investments under new unit

  • Saudi News

Saudi Basic Industries Corp (SABIC), the world’s fourth largest petrochemicals firm, said on Sunday it would establish a new unit to manage its agricultural investments.



The announcement comes as state oil giant Saudi Aramco continues talks to acquire the Public Investment Fund’s majority stake in SABIC for as much as $70bn.

Under the agricultural plans, SABIC will combine its stakes in companies in the sector that manufacture products including urea, compound fertilisers and phosphates.

These include 50 per cent of Ibn Al-Bitar, 33 per cent of GPIC, 30 per cent of Ma’aden Phosphate and 15 per cent of Ma’aden North Phosphate.

SABIC has also entered a deal with fellow listed firm Saudi Arabian Fertiliser Company (SAFCO) to integrate its 43 per cent stake into SABIC Agricultural Nutrient Investments following shareholder and regulatory approval.

CEO Yousef Bin Abdullah Al Bunyan said the plans would help the company achieve long-term sustainable growth and improve production under its 2025 strategy.



SABIC reported a 5.4 per cent rise in third quarter net profit last month citing higher average selling prices and increase in sale volumes.

Keywords:
Category Saudi News | 2018/11/04 latest update at 9:00 PM
Source : Gulf Business | Photocredit : Google
162 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications



Saudi Arabia: King Salman’s elder brother Prince Bandar dies at 96 King

Saudi Arabia: King Salman’s elder brother Prince Bandar dies at 96

In Saudi Arabia, King Salman’s elder half-brother, who was the tenth son of the country’s founding monarch, has…

Saudi Arabia urges action to deter maritime disruptions King

Saudi Arabia urges action to deter maritime disruptions

The Council of Ministers, presided over by Custodian of the Holy Mosques King Salman, here in the Tabuk…

Saudi Cabinet decides to allow pilgrims free movement King

Saudi Cabinet decides to allow pilgrims free movement

The Council of Ministers, presided over by the Custodian of the Two Holy Mosques King Salman at Al-Salam…

Custodian of the Two Holy Mosques Chairs Cabinet’s Session King

Custodian of the Two Holy Mosques Chairs Cabinet’s Session

The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chaired the Cabinet’s session at…

GULF TV

Popular in GULF TV

PIRELLI “DREAMING” – THE CAL 2019 making of Full Version | Fashion Channel

2308 Views

A photographic tale of the aspirations of four women and their determination to achieve their goals, each one…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government